Has Tiffany lost its sparkle? Shares of the high-end jeweller lost a bit of their sheen on Thursday after the company reported fiscal-third-quarter earnings that fell short of analysts' expectations, even as it continued to register double-digit growth in the lucrative Chinese market.
For the quarter ended Oct. 31, the New York company posted profit of $78 million, or 65 cents a share, vs. $94.9 million, or 77 cents, in the year-earlier quarter. Analysts polled by FactSet had been expecting 85 cents a share. Sales rang in at $1.01 billion, a touch below the $1.02 billion it brought in a year ago and roughly in line with analysts' forecasts of $1 billion.
Comparable same-store sales were unchanged, the company said. The lackluster quarterly results aren't expected to dim LVMH's enthusiasm to add Tiffany to its crown of luxury retail brand names. The French luxury-goods chain is still looking to add Tiffany to its shiny roster with an offer of $135 cash a share, or $16 billion.